WEIR WELCOMES EQUITABLE COMPENSATION PLAN
Reports that an enhanced compensation scheme for over one million Equitable Life members has been agreed by the UK coalition government has been ‘cautiously welcomed’ by SNP Business and Regulation spokesperson Mike Weir MP. The document outlining the agreement between the Conservatives and Liberal Democrats suggests Equitable members will be compensated for their "relative loss".
Mr Weir, who has been a longstanding campaigner on securing compensation for policyholders, said:
“This commitment appears to go considerably further than the limited scheme devised by the previous UK government and will be welcomed cautiously by policyholders.
“This saga has dragged on long enough - after ten years what policyholders deserve now is a clear deadline for the delivery of a compensation scheme.
“It is disgraceful that policyholders have had to go through so much. Tens of thousands of policyholders have died since this process began, and it is good news that we may finally see the implementation of the Ombudsman’s recommendations.”
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